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1、PetroChinaRequirements and design of FMIS modificationsFMIS enhancement project,December 1999,1,Contents,1.Business requirements3 2.Gap analysis10 3.Overall approach and design principles13 4.Business process overview15 5.Overview of system changes18 6. New data files and associated processes24 7. S
2、ystem processes for consolidation and reporting29 Appendix A - Report formats32,2,System Design for FMIS Modification,2,Business requirements,Chapter 1,3,To be able to do an IPO, PetroChina need to be able to produce certain key financial reports,To produce these reports, some changes to FMIS needs
3、to be implemented.,Business requirement overview,The FMIS system need to be able to produce the following reports: Annual consolidation reports as required by China Finance Ministry based on the PRC GAAP for joint-stock company. Quarterly consolidation of reports of the overall ListCo based on the I
4、AS is required for publicly listed companies. Disclosure items are also required by IAS and PRC GAAP for joint-stock company. Some other information is required to support annual auditing. All the above reports (except the audit information) will need to be produced along the new PetroChina organiza
5、tion structure as described in the following page. The above reporting requirements are detailed in the next pages.,4,PetroChina,Level 1 PetroChina,Level 2 Specialized Co/Business Group,Level 3 Segment,Level 4 Type,E Provision; Deductions; Balance at end of period Movement report of PPE Ending balan
6、ce Loans Analysis Report Directors remuneration reportSalaries, allowances and other benefitsContribution to retirement benefit scheme,8,FMIS also need to produce certain information that is required to facilitate annual audit.,Business requirements for annual audit,The required information for acco
7、unts receivable, long-term equity investment, long-term non-equity investment has been listed in disclosure requirement. The only remaining items for annual audit are listed below: Short-term investmentInvestment type, investee, security type, par value, historical cost, rate, due date, interest rec
8、eivable or dividends receivable, premium /discount and its amortisation Notes receivableNotes type, par value, rate, drawer, due date Other receivableDebtor, amount, post due days Assets revaluationAssets class, book value before revaluation, book value after revaluation Short-term loanLoaner, amoun
9、t, rate, due date Notes payableOwner, par value, rate, due date,9,Gap analysis,Chapter 2,10,Changes in financial reporting process,PetroChina needs to implement a large scale change in its financial reporting process.,Current,Consolidation is done by the auditors using spreadsheets and manual data c
10、ollection and manipulation FMIS report is not compliant with PRC accounting standard for joint-stock company. IAS report is produced by the auditors using manual method Reporting is done for the whole CNPC with the current org structure Use current chart of accounts,Future,Consolidation will be done
11、 by PetroChina accountants as part of the regular accounting process using FMIS FMIS report will be compliant with PRC accounting standard for joint-stock company. AS report is produced by Petrochina accountants using FMIS Reporting structure for PetroChina will be separated from the old CNPC. New o
12、rg structure will be put in place New chart of accounts will be in effect,11,Systems issues,The following systems issues are identified as critical to the ability for PetroChina to be able to do consolidation and produce the required reports,REQUIREMENT Reconciliation of transactions that occurs acr
13、oss different accounting entities. Some detailed information need to be passed up the corporate reporting structure.,SYSTEM ISSUE This is difficult to do with the current FMIS since FMIS treats each accounting entity as independent from other accounting entities. This is not possible in the current
14、FMIS since FMIS only transfer reports, not detailed information.,CONSOLIDATION PROCESS,REQUIREMENT IAS report have some different grouping of accounts compared to PRC reports In the interim, CNPC requires reporting based on locations in addition to the “normal” reporting procedure along segment Disc
15、losure items need to be produced and rolled up,SYSTEM ISSUE Current FMIS aggregates report up the hierarchy and it is not possible to see or reconstruct the individual accounts, therefore it is not possible to regroup accounts at higher level. Currently FMIS reporting hierarchy follows a strict tree
16、 pattern with one entity reporting to only one parent. Current FMIS can not produce this data nor roll it up,REPORTING PROCESS,12,Overall approach and design principles,Chapter 3,13,Design principles / goals,The design has to be implementable prior to the IPO Modified FMIS must be able to produce all required reports with minimal manual work Avoid major changes in business process Avoid major changes in FMIS which needs long development time and/or high risk of destabilizing FMIS Mar
